Common use of Ranking of Debentures Clause in Contracts

Ranking of Debentures. The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other previously existing and future unsecured indebtedness of the Corporation.

Ranking of Debentures. The Debentures Debentures, including the Initial Debentures, will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other previously existing and future unsecured indebtedness of the Corporation. The Debentures, including the Initial Debentures, will be subordinated to all existing and future Secured Indebtedness of the Corporation.

Ranking of Debentures. ‌ The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other previously existing and future unsecured indebtedness of the Corporation.